Form 8-K

8-K — O-I Glass, Inc. /DE/

Accession: 0001104659-26-050406

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0000812074

SIC: 3221 (GLASS CONTAINERS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2612892d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2612892d1_ex99-1.htm)

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0000812074

2026-04-28

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section

13 or 15(d) of

The Securities

Exchange Act of 1934

April 28, 2026

Date of Report (Date of earliest event reported)

O-I

GLASS, INC.

(Exact name of registrant as specified in its

charter)

Delaware

1-9576

22-2781933

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS

Employer

Identification No.)

One Michael Owens Way

Perrysburg,

Ohio

(Address

of principal executive offices)

43551-2999

(Zip

Code)

(567)

336-5000

(Registrant’s telephone number, including

area code)

(Former name or former address,

if changed since last report)

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities

registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

Symbol

Name

of each exchange on which

registered

Common stock, $.01 par value

New York Stock Exchange

Indicate by check mark whether the registrant is

an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the

Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check

mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting

standards provided pursuant to Section 13(a) of the Exchange Act. ¨

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 28, 2026, O-I Glass, Inc. (the “Company”) issued

a press release announcing its results of operations for the quarter ended March 31, 2026. A copy of the press release is attached hereto

as Exhibit 99.1 and is incorporated herein by reference.

The information set forth in this Item 2.02, including Exhibit 99.1,

is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended

(the “Exchange Act”) or otherwise subject to the liabilities of that Section. The information in this Item 2.02, including

Exhibit 99.1, shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended (the

“Securities Act”), or the Exchange Act except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01 FINANCIAL

STATEMENTS AND EXHIBITS.

(d) Exhibits.

Exhibit

No.

Description

99.1

Press Release dated April 28, 2026 announcing results of operations for the quarter ended March 31, 2026

104

Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

O-I GLASS, INC.

Date: April 28, 2026

By:

/s/ John A. Haudrich

John A. Haudrich

Senior Vice President and Chief Financial Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2612892d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

O-I Glass, Inc. U N L E A S H I N G T H E P O W E R O F G L A S S | 1

FIRST QUARTER 2026 RESULTS

APRIL 28, 2026

O-I REPORTS FIRST QUARTER RESULTS

SOLID AMERICAS PERFORMANCE; CHALLENGING EU ENVIRONMENT

GUIDANCE RISK ADJUSTED FOR ENERGY INFLATION

PERRYSBURG, OHIO, APRIL 28, 2026 – O-I Glass, Inc. (NYSE: OI) today announced its financial results for

the first-quarter ended March 31, 2026. First-quarter performance fell short of the company's expectations,

particularly in Europe. O-I has revised its full-year 2026 guidance, primarily to reflect incremental energy-cost

inflation; however, the company’s sound energy management practices are expected to limit further exposure.

Key financial results are below:

Net Sales

Net Earnings (Loss) Attributable to the Company

Per Share (Diluted)

Earnings (Loss) Before Income Taxes

1Q26 1Q25 1Q26 1Q25 1Q26 1Q25

Reported $1,540 $1,567 ($0.48) ($0.10) ($53) $18

Adjusted Earnings

Earnings Per Share (Diluted)

Segment Operating Profit

1Q26 1Q25 1Q26 1Q25

Non-GAAP1 $0.05 $0.40 $142 $209

FIRST QUARTER 2026 HIG HLIGHT S

▪ $1.54 billion net sales, down slightly, primarily due to lower price and volumes, partially offset by currency

translation.

▪ Shipments declined 8%2, but trends improved through the quarter with March volumes down 2%.

▪ Fit to Win delivered $50 million gross / $35 million net benefits despite a disruptive operating environment.

▪ $0.48 reported net loss per share, including a loss on sale of joint venture and miscellaneous assets.

▪ $0.05 adjusted EPS, down reflecting near-term European challenges and energy reset.

▪ Americas segment profit was stable at $142 million despite significant external disruptions.

▪ Europe segment profit was breakeven, down due to a step-up in energy costs following expiration of favorable

contracts and elevated price competition in select markets, particularly Wine in Southern Europe.

Expect second half results to improve on completion of restructuring actions.

▪ Revised guidance, primarily to reflect incremental energy-cost inflation. Energy management practices are

expected to limit further exposure and cover 75–80% of 2026 EU gas needs.

1 Both non-GAAP and Adjusted are non-GAAP measures. Definitions of the non-GAAP measures, as well as reconciliations

of the non-GAAP measures to their most directly comparable GAAP measures are contained elsewhere in this news release.

Excluding the impact of a divestiture.

“Performance in the Americas was stable, and management acted quickly to address

near-term headwinds in Europe. Volume trends improved as the quarter progressed, and

several meaningful customer wins should position the business for stronger growth in

the second half. With Fit to Win delivering strong savings, we remain focused on

achieving our 2027 Investor Day objectives.”

GORDO N HARDI E – CHIEF EXECUTIVE OFFICER

O-I Glass, Inc. U N L E A S H I N G T H E P O W E R O F G L A S S | 2

FIRST QUARTER 2026 RESULTS

APRIL 28, 2026

AMERIC AS SEGMEN T

Changes in Net Sales and Segment Operating Profit

$M 1Q25 Currency Price/Net Price Sales Vol//Mix Operating Cost 1Q26

Net Sales $873 $57 $23 ($82) -- $871

Segment Operating Profit

% Margins

$141

16.2%

$7 $11 ($8) ($9) $142

16.3%

Net sales in the Americas were $871 million in first quarter 2026, stable with the prior year period, despite

significant external disruptions. Favorable currency translation and higher prices offset a high-single digit decline in

sales volume amid challenging prior year comparisons and on-going customer inventory adjustments in Spirits.

However, trends improved throughout the quarter, and March volumes were down just modestly. While volumes

were down in North America and Mexico, South America posted solid growth. Demand was softest in Beer, Wine

and Spirits, while trends were more stable in Food and Non-Alcoholic Beverages.

Segment operating profit in the Americas was $142 million, roughly equal to the prior year period, as margins

improved to 16.3%. Favorable net price, improved mix and currency translation offset lower volumes and slightly

higher operating costs, as benefits from Fit to Win partially mitigated the impact of several external disruptions,

including extreme weather in North America, civil unrest in Mexico, and a natural gas pipeline outage in Peru.

Overall, the Americas segment delivered stable performance in a challenging operating environment.

EUROPE SEGMEN T

Changes in Net Sales and Segment Operating Profit

$M 1Q25 Currency Price/Net Price Sales Vol//Mix Operating Cost 1Q26

Net Sales $667 $73 ($36) ($49) -- $655

Segment Operating Profit

% Margins

$68

10.2%

$6 ($76) ($8) $10 $0

0.0%

Net sales in Europe were $655 million, down slightly from the prior year period. Favorable currency translation

partially offset lower selling prices and a high-single digit decline in volumes driven by soft demand in Wine across

Southern Europe. Shipments were impacted by an extended price negotiation window and challenging prior year

comparisons, which likely benefited from higher demand ahead of new U.S. tariffs. Shipment trends improved over

the course of the quarter, and March shipments were up slightly from the prior year.

Europe segment profit was breakeven, down from $68 million in the prior year period. The decline was driven by

lower net price, reflecting the step-up in energy costs following expiration of favorable contracts last year and

elevated competitive pricing pressure. Results also reflected softer demand and favorable operating costs, as core

Fit to Win benefits more than offset higher than expected temporary expenses associated with plant closure

activities. Earnings are expected to improve over the rest of the year as restructuring actions conclude.

CORPO R ATE ITE MS

Corporate retained and other costs were $32 million, up slightly from prior year period of $30 million due to higher

expenses related to transformation activities and lower recharges to the regions due to decreasing costs, partially

offset by Fit to Win benefits. Interest expense totaled $79 million down from $81 million in the prior year. The

reported tax rate was (34%), while the effective tax rate on adjusted earnings was 68%. The elevated adjusted

effective tax rate reflects fixed tax items (minimum withholding taxes, interest deductibility limits) applied against

O-I Glass, Inc. U N L E A S H I N G T H E P O W E R O F G L A S S | 3

FIRST QUARTER 2026 RESULTS

APRIL 28, 2026

an unusually low pre-tax base; the full-year adjusted effective tax rate is expected to normalize to approximately

35–40% as earnings ramp.

2026 OU TLOOK

2026 Guidance

Revised Original 2025 Actual

Adjusted EBITDA ($M) $1,125 - $1,225 $1,250 - $1,300 $1,218

Adjusted Earnings Per Share (EPS) $1.00 - $1.50 $1.65 – $1.90 $1.60

Free Cash Flow ($M) $50 - $150 ~ $200 $168

O-I has revised its 2026 guidance and now expects adjusted earnings

per share of $1.00–$1.50, compared with its prior outlook of $1.65–

$1.90. The revision primarily reflects higher global energy costs

driven by the conflicts in the Middle East, as well as additional net

price pressure in Europe, which should be partially offset by additional

cost reduction actions.

The company estimates that energy-related inflation, including natural

gas, electricity, logistics, and raw materials, could reduce 2026

earnings by approximately $0.40–$0.50 per share versus prior plans

and have been reflected in our revised guidance. Disciplined energy

management has helped mitigate exposure to greater inflation,

particularly in Europe, where approximately 75–80% of gas

requirements are secured at prices favorable to current market

levels. The outlook also reflects up to a $0.15 per share risk related

to lower net price realization, primarily in Europe, net of ongoing cost

actions expected to help mitigate these pressures. Management is

actively monitoring macroeconomic indicators, including consumer

demand trends and inflationary impacts on commercial dynamics, and will take additional actions as warranted.

The company continues to drive to the 2027 objectives outlined at its 2025 Investor Day as headwinds impacting

2026 are expected to be short-term in nature. O-I remains focused on executing the levers within its control,

anchored by continued benefits from Fit to Win, which is progressing well.

Guidance reflects the company’s current expectations for sales and production volumes, mix, and working capital

trends. However, the adjusted earnings and free cash flow ranges may not fully reflect ongoing macroeconomic

uncertainty, including the effects of the conflicts in the Middle East, currency movements, energy and raw material

costs, supply-chain disruptions, labor availability, changes in trade or immigration policies, or the execution of global

profitability improvement initiatives.

“We have revised our full-year 2026 guidance, primarily due to incremental cost

inflation driven by higher global energy prices. We are actively managing risk in a volatile

environment – for example, we have secured 75–80% of our 2026 European natural

gas requirements at favorable prices, which is expected to help limit further energy-cost exposure.”

JOHN H AUDRICH – SVP & CHIEF FINANCIAL OFFICER

O-I Glass, Inc. U N L E A S H I N G T H E P O W E R O F G L A S S | 4

FIRST QUARTER 2026 RESULTS

APRIL 28, 2026

CON TAC TS:

Chris Manuel

VP, Investor Relations

567-336-2600

Chris.Manuel@o-i.com

Sasha Sekpeh

Investor Relations

567-336-5128

N ON - GAAP FIN AN CIAL MEASURE S

The company uses certain non-GAAP financial measures, which are measures of its historical or future financial

performance that are not calculated and presented in accordance with GAAP, within the meaning of applicable SEC

rules. Management believes that its presentation and use of certain non-GAAP financial measures, including adjusted

earnings, adjusted earnings per share, free cash flow, segment operating profit, segment operating profit margin,

EBITDA, adjusted EBITDA, and adjusted effective tax rate provide relevant and useful supplemental financial

information that is widely used by analysts and investors, as well as by management in assessing both consolidated

and business unit performance. These non-GAAP measures are reconciled to the most directly comparable GAAP

measures and should be considered supplemental in nature and should not be considered in isolation or be

construed as being more important than comparable GAAP measures.

Adjusted earnings relates to net earnings (loss) attributable to the company, exclusive of items management

considers not representative of ongoing operations and other adjustments because such items are not reflective of

the company’s principal business activity, which is glass container production. Adjusted earnings are divided by

weighted average shares outstanding (diluted) to derive adjusted earnings per share. Segment operating profit

relates to earnings (loss) before interest expense, net, and before income taxes and is also exclusive of items

management considers not representative of ongoing operations as well as certain retained corporate costs and

other adjustments. Segment operating profit margin is calculated as segment operating profit divided by segment

CONFERENCE CALL /

WEBCAST

Q1 2026: April 29, 2026 at 8:00 a.m. ET

Q2 2026: July 29, 2026 at 8:00 a.m. ET

investors.o-i.com

ABOUT O-I GLASS

At O-I Glass, Inc. (NYSE: OI), we are proud to be one of the leading producers of glass bottles and jars around the

globe. Glass is not only beautiful, it is also pure, healthy, and completely recyclable, making it the most sustainable

rigid packaging material. Headquartered in Perrysburg, Ohio (USA), O-I is the preferred partner for many of the

world’s leading food and beverage brands. We innovate in line with customers’ needs to create iconic packaging

that builds brands around the world. Led by our diverse team of approximately 19,000 people across 61 plants in

18 countries, O-I achieved revenues of $6.4 billion in 2025.

To learn more, visit: www.o-i.com

O-I Glass, Inc. U N L E A S H I N G T H E P O W E R O F G L A S S | 5

FIRST QUARTER 2026 RESULTS

APRIL 28, 2026

net sales. EBITDA refers to net earnings, excluding gains or losses from discontinued operations, interest expense,

net, provision for income taxes, depreciation and amortization of intangibles. Adjusted EBITDA refers to EBITDA,

exclusive of items management considers not representative of ongoing operations and other adjustments. Adjusted

effective tax rate relates to provision for income taxes, exclusive of items management considers not representative

of ongoing operations and other adjustments divided by earnings (loss) before income taxes, exclusive of items

management considers not representative of ongoing operations and other adjustments. Management uses adjusted

earnings, adjusted earnings per share, segment operating profit, segment operating profit margin, EBITDA, Adjusted

EBITDA and adjusted effective tax rate to evaluate its period-over-period operating performance because it believes

these provide useful supplemental measures of the results of operations of its principal business activity by excluding

items that are not reflective of such operations. The above non-GAAP financial measures may be useful to investors

in evaluating the underlying operating performance of the company’s business as these measures eliminate items

that are not reflective of its principal business activity.

Further, free cash flow relates to cash provided by operating activities less cash payments for property, plant, and

equipment. Management has historically used free cash flow to evaluate its period-over-period cash generation

performance because it believes these have provided useful supplemental measures related to its principal business

activity. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures,

since the company has mandatory debt service requirements and other non-discretionary expenditures that are not

deducted from these measures. Management uses non-GAAP information principally for internal reporting,

forecasting, budgeting and calculating compensation payments.

The company routinely posts important information on its website – www.o-i.com/investors.

FORWARD -LOO KIN G STATEMEN TS

This press release contains “forward-looking” statements related to O-I Glass, Inc. (“O-I Glass” or the “company”)

within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and

Section 27A of the Securities Act of 1933, as amended. Forward-looking statements reflect the company’s current

expectations and projections about future events at the time, and thus involve uncertainty and risk. The words

“believe,” “expect,” “anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,” “predict,”

“potential,” “continue,” “commit,” and the negatives of these words and other similar expressions generally identify

forward-looking statements.

It is possible that the company’s future financial performance may differ from expectations due to a variety of factors

including, but not limited to the following: (1) the company’s ability to achieve expected benefits from cost

management, efficiency improvements, and profitability initiatives, such as its Fit to Win initiative, including expected

impacts from production curtailments, reduction in force and furnace closures, (2) the general credit, financial,

political, economic, legal and competitive conditions in markets and countries where the company has operations,

including uncertainties related to economic and social conditions, trade policies and disputes, financial market

conditions, disruptions in the supply chain, competitive pricing pressures, inflation or deflation, changes in tax rates,

changes in laws or policies, legal proceedings involving the company, war, civil disturbance or acts of terrorism,

natural disasters, public health issues and weather, (3) cost and availability of raw materials, labor, energy and

transportation (including impacts related to the current conflicts in the Middle East and between Russia and Ukraine

and disruptions in supply of raw materials caused by transportation delays), (4) competitive pressures from other

glass container producers and alternative forms of packaging or consolidation among competitors and customers,

(5) changes in consumer preferences or customer inventory management practices, (6) the continuing consolidation

of the company’s customer base, (7) risks related to the development, deployment and use of artificial intelligence

technologies, (8) the company’s inability to improve glass melting technology in a cost-effective manner and

introduce productivity, process and network optimization actions, (9) unanticipated supply chain and operational

disruptions, including higher capital spending, (10) seasonality of customer demand, (11) the failure of the company’s

joint venture partners to meet their obligations or commit additional capital to the joint venture, (12) labor

O-I Glass, Inc. U N L E A S H I N G T H E P O W E R O F G L A S S | 6

FIRST QUARTER 2026 RESULTS

APRIL 28, 2026

shortages, labor cost increases or strikes, (13) the company’s ability to acquire or divest businesses, acquire and

expand plants, integrate operations of acquired businesses and achieve expected benefits from acquisitions,

divestitures or expansions, (14) the company’s ability to generate sufficient future cash flows to ensure the

company’s goodwill is not impaired, (15) any increases in the underfunded status of the company’s pension plans,

(16) any failure or disruption of the company’s information technology, or those of third parties on which the

company relies, or any cybersecurity or data privacy incidents affecting the company or its third-party service

providers, (17) risks related to the company’s indebtedness or changes in capital availability or cost, including

interest rate fluctuations and the ability of the company to generate cash to service indebtedness and refinance debt

on favorable terms, (18) risks associated with operating in foreign countries, (19) foreign currency fluctuations

relative to the U.S. dollar, (20) changes in tax laws or global trade policies, (21) the company’s ability to comply

with various environmental legal requirements, (22) risks related to recycling and recycled content laws and

regulations, (23) risks related to climate-change and air emissions, including related laws or regulations and increased

ESG scrutiny and changing expectations from stakeholders, and the other risk factors discussed in the company's

filings with the Securities and Exchange Commission.

It is not possible to foresee or identify all such factors. Any forward-looking statements in this document are based

on certain assumptions and analyses made by the company in light of its experience and perception of historical

trends, current conditions, expected future developments, and other factors it believes are appropriate in the

circumstances. Forward-looking statements are not a guarantee of future performance and actual results or

developments may differ materially from expectations. While the company continually reviews trends and

uncertainties affecting the company’s results of operations and financial condition, the company does not assume

any obligation to update or supplement any particular forward-looking statements contained in this document.

O-I

GLASS, INC.

Condensed

Consolidated Results of Operations

(Dollars

in millions, except per share amounts)

Three

months ended

March 31

Unaudited

2026

2025

Net

sales

$ 1,540

$ 1,567

Cost

of goods sold

(1,341 )

(1,287 )

Gross

profit

199

280

Selling

and administrative expense

(99 )

(109 )

Research,

development and engineering expense

(9 )

(13 )

Interest

expense, net

(79 )

(81 )

Equity

earnings

Other

expense, net

(91 )

(82 )

Earnings

(loss) before income taxes

(53 )

Provision

for income taxes

(18 )

(30 )

Net

loss

(71 )

(12 )

Net

earnings attributable to noncontrolling interests

(2 )

(4 )

Net

loss attributable to the Company

$ (73 )

$ (16 )

Basic earnings per share:

Net

loss attributable to the Company

$ (0.48 )

$ (0.10 )

Weighted

average shares outstanding (thousands)

152,683

153,708

Diluted earnings per

Net

loss attributable to the Company

$ (0.48 )

$ (0.10 )

Weighted

average diluted shares outstanding (thousands)

152,683

153,708

O-I

GLASS, INC.

Condensed

Consolidated Balance Sheets

(Dollars

in millions)

Unaudited

March

31,

December

31,

March

31,

2026

2025

Assets

Current

assets:

Cash

and cash equivalents

$ 317

$ 759

$ 424

Trade

receivables, net

805

601

758

Inventories

1,003

1,002

985

Prepaid

expenses and other current assets

259

239

224

Total

current assets

2,384

2,601

2,391

Property,

plant and equipment, net

3,420

3,447

3,381

Goodwill

1,469

1,487

1,365

Intangibles,

net

181

188

193

Other

assets

1,496

1,520

1,399

Total

assets

$ 8,950

$ 9,243

$ 8,729

Liabilities

and Share Owners' Equity

Current

liabilities:

Accounts

payable

$ 1,057

$ 1,201

$ 1,026

Short-term

loans and long-term debt due within one year

160

162

226

Other

liabilities

677

726

679

Total

current liabilities

1,894

2,089

1,931

Long-term

debt

4,800

4,837

4,786

Other

long-term liabilities

824

872

763

owners' equity

1,432

1,445

1,249

Total

liabilities and share owners' equity

$ 8,950

$ 9,243

$ 8,729

O-I

GLASS, INC.

Condensed

Consolidated Cash Flows

(Dollars

in millions)

Unaudited

Three

months ended

March 31

2026

2025

Cash

flows from operating activities:

Net

loss

$ (71 )

$ (12 )

Non-cash

charges (credits)

Depreciation

and amortization

119

118

Pension

expense

Restructuring,

asset impairment and related charges

Stock-based

compensation expense

Legacy

environmental charge

(Gain)

loss on sale of joint venture and miscellaneous assets

(6 )

Cash

payments

Pension

contributions

(10 )

(7 )

Cash

paid for restructuring activities

(35 )

(28 )

Change

in components of working capital (a)

(376 )

(314 )

Other,

net (b)

(19 )

Cash

utilized in operating activities

(294 )

(171 )

Cash

flows from investing activities:

Cash

payments for property, plant and equipment

(142 )

(135 )

Net

cash proceeds on sale of joint venture and misc. assets

Net

cash proceeds (payments) for hedging activities

(2 )

Cash

utilized in investing activities

(139 )

(120 )

Cash

flows from financing activities:

Changes

in borrowings, net

(5 )

(16 )

repurchased

(10 )

Other,

net(c)

(4 )

(7 )

Cash

utlilized in financing activities

(19 )

(33 )

Effect

of exchange rate fluctuations on cash

Change

in cash

(442 )

(310 )

Cash

at beginning of period

759

734

Cash

at end of period

$ 317

$ 424

(a) The

Company uses various factoring programs to sell certain receivables to financial institutions

as part of managing its cash flows. At March 31, 2026, December 31, 2025 and March 31, 2025,

the amount of receivables sold by the Company was $438 million, $531 million and $504 million,

respectively. For the three months ended March 31, 2026 and 2025, the Company's use of its

factoring programs resulted in increases of $93 million and $31 million to cash utilized

in operating activities, respectively.

(b) Other,

net includes other non-cash charges plus other changes in non-current assets and liabilities.

net includes share settlement activity.

O-I

GLASS, INC.

Reportable

Segment Information and Reconciliation to Earnings Before Income Taxes

(Dollars

in millions)

Unaudited

Three

months ended

March 31

2026

2025

Net

sales:

Americas

$ 871

$ 873

Europe

655

667

Reportable

segment totals

1,526

1,540

Other

Net

sales

$ 1,540

$ 1,567

Earnings

(loss) before income taxes

$ (53 )

$ 18

Items

excluded from segment operating profit:

Retained

corporate costs and other

Items

not considered representative of ongoing operations (a)

Interest

expense, net

Segment

operating profit (b):

$ 142

$ 209

Americas

$ 142

$ 141

Europe

Reportable

segment totals

$ 142

$ 209

Ratio

of earnings before income taxes to net sales

-3.4 %

1.1 %

Segment

operating profit margin (c):

Americas

16.3 %

16.2 %

Europe

0.0 %

10.2 %

Reportable

segment margin totals

9.3 %

13.6 %

(a) Reference

reconciliation for adjusted earnings.

(b) Segment

operating profit consists of consolidated earnings before interest expense, net, and before

income taxes and excludes amounts related to certain items that management considers not

representative of ongoing operations as well as certain retained corporate costs and other

adjustments.

The

Company presents information on segment operating profit because management believes that

it provides investors with a measure of operating performance separate from the level of

indebtedness or other related costs of capital. The most directly comparable GAAP

financial measure to segment operating profit is earnings before income taxes. The

Company presents segment operating profit because management uses the measure, in combination

with net sales and selected cash flow information, to evaluate performance and to allocate

resources.

operating profit margin is segment operating profit divided by segment net sales.

O-I

GLASS, INC.

Reconciliation

for Adjusted Earnings

(Dollars

in millions, except per share amounts)

The reconciliation below describes the items

that management considers not representative of ongoing operations.

Unaudited

Three months ended

March 31

Year ended December 31

2026

2025

Net loss attributable to the Company

$ (73 )

$ (16 )

$ (129 )

Items impacting other income (expense), net:

Restructuring, asset impairment and other charges

443

Legacy environmental charge

Loss (gain) on sale of joint venture and miscellaneous assets

(6 )

(5 )

Pension settlement and curtailment charges

Items impacting interest expense:

Charges for note repurchase premiums and write-off of deferred finance fees and related charges

Items impacting income tax:

European investment tax incentive

(22 )

Deferred tax benefits

(21 )

Net benefit for income tax on items above

(3 )

(1 )

(38 )

Items impacting net earnings attributable to noncontrolling interests:

Net impact of noncontrolling interests on items above

Total adjusting items (non-GAAP)

$ 81

$ 79

$ 378

Adjusted earnings (non-GAAP)

$ 8

$ 63

$ 249

Diluted average shares (thousands)

152,683

153,708

153,552

Net loss per share

$ (0.48 )

$ (0.10 )

$ (0.84 )

Adjusted earnings per share (non-GAAP)(a)

$ 0.05

$ 0.40

$ 1.60

(a) For purposes of computing adjusted earnings per share, the diluted

average shares (in thousands) are 155,794 for the three months ended March 31, 2025.

For purposes of computing adjusted earnings per share, the diluted

average shares (in thousands) are 155,001 for the three months ended March 31, 2026.

For purposes of computing adjusted earnings per share, the diluted

average shares (in thousands) are 155,275 for the year ended December 31, 2025.

The Company is unable

to present a quantitative reconciliation of its forward-looking non-GAAP measure, adjusted earnings and adjusted earnings per share,

for the periods ending after March 31, 2026 to its most directly comparable GAAP financial measure, net earnings (loss) attributable

to the Company, because management cannot reliably predict all of the necessary components of this GAAP financial measure without

unreasonable efforts. Net earnings (loss) attributable to the Company includes several significant items, such as

restructuring charges, asset impairment charges, charges for the write-off of finance fees, and the income tax effect on such

items. The decisions and events that typically lead to the recognition of these and other similar items are complex and

inherently unpredictable, and the amount recognized for each item can vary significantly. Accordingly, the Company is

unable to provide a reconciliation of adjusted earnings and adjusted earnings per share to net earnings (loss) attributable to the

Company or address the probable significance of the unavailable information, which could be material to the Company's future

financial results.

O-I GLASS, INC.

Changes in Net Sales and Segment Operating Profit for Reportable Segments

(Dollars in millions)

Unaudited

Three months ended March 31

Americas

Europe

Total

Net sales for reportable segments- 2025

$ 873

$ 667

$ 1,540

Effects of changing foreign currency rates (a)

130

Price

(36 )

(13 )

Sales volume & mix

(82 )

(49 )

(131 )

Total reconciling items

(2 )

(12 )

(14 )

Net sales for reportable segments- 2026

$ 871

$ 655

$ 1,526

Three months ended March 31

Americas

Europe

Total

Segment operating profit - 2025

$ 141

$ 68

$ 209

Effects of changing foreign currency rates (a)

Net price (net of cost inflation)

(76 )

(65 )

Sales volume & mix

(8 )

(16 )

Operating costs

(9 )

Total reconciling items

(68 )

(67 )

Segment operating profit - 2026

$ 142

$ -

$ 142

(a) Currency effect on net sales and segment operating profit determined

by using 2026 foreign currency exchange rates to translate 2025 local currency results.

Unaudited

O-I GLASS, INC.

Reconciliation to Free Cash Flow

(Dollars in millions)

Previous Forecast

Current Forecast

Year Ended

for Year Ended

December 31, 2025

December 31, 2026

Cash provided by operating activities

$ 600

$ 500 to 600

Cash payments for property, plant and equipment

(432 )

(450 )

Free cash flow (non-GAAP)

$ 168

$ 200

$ 50 to 150

O-I GLASS, INC.

Reconciliation to Adjusted EBITDA

(Dollars in millions)

Year Ended

December 31, 2025

Net Loss

$ (103 )

Interest expense (net)

341

Provision for income taxes

Depreciation

391

Amortization of intangibles

EBITDA

771

Items not considered representative of ongoing operations

447

Adjusted EBITDA (non-GAAP)

$ 1,218

For the periods ending after March 31, 2026, the Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, adjusted EBITDA, to its most directly comparable U.S. GAAP financial measure, net loss attributable to the Company, because management cannot reliably predict all of the necessary components of this U.S. GAAP financial measure without unreasonable efforts. Net loss attributable to the Company includes several significant items, such as restructuring, asset impairment and other charges, charges for the write-off of finance fees, and the income tax effect on such items. The decisions and events that typically lead to the recognition of these and other similar non-GAAP adjustments are inherently unpredictable as to if and when they may occur. The inability to provide a reconciliation is due to that unpredictability and the related difficulties in assessing the potential financial impact of the non-GAAP adjustments. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to the Company’s future financial results.

O-I GLASS, INC.

Reconciliation to Adjusted Effective Tax Rate

(Dollars in millions)

Three Months Ended

March 31, 2026

Loss before income taxes (A)

$ (53 )

Items management considers not representative of ongoing operations and other adjustments

Adjusted Earnings before income taxes (C)

$ 31

Provision for income taxes (B)

$ (18 )

Tax items management considers not representative of ongoing operations and other adjustments

(3 )

Adjusted provision for income taxes (D)

$ (21 )

Effective Tax Rate (B)/(A)

-34 %

Adjusted Effective Tax Rate (D)/(C)

68 %

The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, adjusted effective tax rate, for the periods ending after March 31, 2026, to its most directly comparable GAAP financial measure, provision for income taxes divided by earnings (loss) before income taxes, because management cannot reliably predict all of the necessary components of these GAAP financial measures without unreasonable efforts. Earnings (loss) before income taxes includes several significant items, such as restructuring charges, asset impairment charges, and charges for the write-off of finance fees, and the provision for income taxes would include the income tax effect on such items. The decisions and events that typically lead to the recognition of these and other similar items are complex and inherently unpredictable, and the amount recognized for each item can vary significantly. Accordingly, the Company is unable to provide a reconciliation of adjusted effective tax rate to provision for income taxes divided by earnings (loss) before income taxes or address the probable significance of the unavailable information, which could be material to the Company's future financial results.

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O-I

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